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1. Company Snapshot

1.a. Company Description

Mirion Technologies, Inc.provides radiation detection, measurement, analysis, and monitoring products and services in the United States, Canada, the United Kingdom, France, Germany, Finland, China, Belgium, Netherlands, Estonia, and Japan.It operates through two segments, Medical and Industrial.


The medical segment offers radiation oncology quality assurance and dosimetry solutions; patient safety solutions for diagnostic imaging and radiation therapy centers; radiation therapy quality assurance solutions for calibrating and verifying imaging and treatment accuracy; and radionuclide therapy products for nuclear medicine applications, such as shielding, product handling, medical imaging furniture, and rehabilitation products.This segment supports applications in medical diagnostics, cancer treatment, practitioner safety, and rehabilitation.The Industrial segment focuses on addressing critical radiation safety, measurement, and analysis applications; and provides personal radiation detection, identification equipment, and analysis tools.


The company's products and solutions also include nuclear medicines, dosimeters, contamination and clearance monitors, reactor instrumentation and control equipment and systems, medical and industrial imaging systems and related accessories, alpha spectroscopy instruments, alpha/beta counting instruments, and gamma spectroscopy detector systems; and electrical penetration, cancer diagnostics, software, and other services.It serves hospitals, clinics and urgent care facilities, dental and veterinary offices, radiation treatment facilities, OEMs for radiation therapy, laboratories, military organizations, government agencies, industrial companies, power and utility companies, reactor design firms, and NPPs. The company was formerly known as Global Monitoring Systems, Inc.and changed its name to Mirion Technologies, Inc.


in January 2006.Mirion Technologies, Inc.was incorporated in 2005 and is headquartered in Atlanta, Georgia.

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1.b. Last Insights on MIR

The recent 3-month performance of Mirion Technologies, Inc. was negatively impacted by the Q4 2024 earnings call, where the company's revenue growth was slower than expected, and the gross margin declined. Additionally, the company's guidance for Q1 2025 was below analyst estimates, further exacerbating concerns. However, the company has made significant strides in recent weeks, including the upgrade to a Zacks Rank #2 (Buy) and the announcement of the Apex-Guard software release, which enhances the company's solutions suite within the radiopharmaceutical supply chain. Furthermore, Mirion was awarded contracts for the TerraPower Natrium Reactor Demonstration Project, a significant public-private partnership between TerraPower and the U.S. Department of Energy.

1.c. Company Highlights

2. Mirion Technologies' Q3 2025 Earnings: A Strong Performance

Mirion Technologies reported a revenue of $223 million for the third quarter of 2025, marking an 8% increase from the same quarter last year, with organic growth standing at 4.7%. The company's adjusted EBITDA was $52.4 million, up 14.7% year-over-year. Earnings per share (EPS) came in at $0.12, beating estimates of $0.11. The nuclear power end market was a significant driver of growth, with organic revenue up 9% in the quarter and 11% year-to-date. The company's adjusted free cash flow guidance was raised to $100-115 million, representing a conversion of 45-49% of adjusted EBITDA.

Publication Date: Nov -17

📋 Highlights
  • Revenue Growth:: Q3 revenue reached $223 million, up 8% YoY, with nuclear power driving 9% organic growth.
  • Adjusted EBITDA Improvement:: Rose to $52.4 million (+14.7% YoY), supported by 460 bps reduction in blended cost of debt to 2.8%.
  • SMR Momentum:: Nuclear SMR-related orders totaled $26 million YTD, up from $17 million in prior two years combined.
  • Free Cash Flow Guidance:: Raised to $100–115 million, reflecting 45–49% conversion of adjusted EBITDA.

Nuclear Power End Market Driving Growth

The nuclear power business has three key drivers: the installed base, new utility-scale builds, and Small Modular Reactor (SMR) projects. The installed base is seeing increased capacity factors, which correlates with CapEx. New builds are accelerating, driven by unprecedented government support. SMRs are becoming more viable, driven by AI-driven data center build-out. Mirion has booked $26 million of SMR orders to date, compared to $17 million combined in the prior two years. The company's partnership with Westinghouse is critical, with a focus on the installed base and new build activity.

Medical Segment Performance

The Medical segment saw revenue growth of 5.9%, with organic growth of 5.2%, and adjusted EBITDA up nearly 10%. Despite pressure in Radiation Therapy Quality Assurance (RTQA), the company expects normalization of spend and growth to trend back up. Nuclear medicine and medical dosimetry businesses continue to see favorable dynamics.

Valuation and Outlook

With a P/E Ratio of 211.11 and an EV/EBITDA of 29.8, the market is pricing in significant growth expectations. Analysts estimate next year's revenue growth at 19.0%. The company's target of 30% EBITDA margin and commitment to it, despite new builds coming with lower margins than installed base work, is a positive indicator. The large project opportunity funnel stands at $350 million, and the company has a strong right to win, with a high degree of confidence in its $175 million pipeline of large orders.

Supply Chain Resilience and Pricing Power

Mirion tends to be conservative in managing supply chain risks, acquiring precious metals or critical commodities relating to long-term orders. The company has developed heuristics for managing and mitigating supply risks. The pricing power of the company is holding up well, with a price/cost dynamic of $2 million positive in the quarter. They have invested in pricing heuristic methodologies and are less aggressive on the medical side, particularly in the U.S.

3. NewsRoom

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Windjammer Capital Completes Sale of Paragon Energy Solutions

Dec -02

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Buy 5 Non-Tech Giants That Have Surged on AI Data Center Boom for 2026

Nov -20

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Wall Street Analysts Predict a 27.78% Upside in Mirion Technologies (MIR): Here's What You Should Know

Nov -17

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Leon Cooperman's Strategic Moves: Fiserv Inc. Exits with a -2.36% Impact

Nov -14

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Is Mirion Technologies (MIR) Outperforming Other Business Services Stocks This Year?

Nov -06

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Buy These 5 Stocks Powered by Solid Q3 Earnings and AI Boom

Nov -05

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Ethic Inc. Takes $216,000 Position in Mirion Technologies, Inc. $MIR

Nov -01

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Why Mirion Technologies Rallied Double Digits Today

Oct -29

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.68%)

6. Segments

Industrial

Expected Growth: 4.5%

Mirion Technologies' Industrial segment growth of 4.5% is driven by increasing demand for radiation detection and monitoring solutions in nuclear power plants, medical research, and industrial process control. Additionally, growing adoption of nuclear energy and rising safety concerns in industrial settings contribute to the segment's growth.

Medical

Expected Growth: 5.0%

Mirion Technologies' Medical segment growth is driven by increasing demand for radiation detection and monitoring solutions, expansion in emerging markets, and strategic acquisitions. Additionally, growing concerns about nuclear safety and security, as well as advancements in medical imaging and radiation therapy, contribute to the 5.0% growth rate.

7. Detailed Products

Radiation Detection and Measurement

Mirion Technologies offers a range of radiation detection and measurement products, including handheld radiation detectors, spectroscopic instruments, and radiation monitoring systems.

Dose Measurement and Dosimetry

Mirion Technologies provides dose measurement and dosimetry products, including personal dosimeters, area monitors, and dosimetry software.

Nuclear Instrumentation and Electronics

Mirion Technologies designs and manufactures nuclear instrumentation and electronics, including nuclear detectors, amplifiers, and data acquisition systems.

Radiation Protection and Safety

Mirion Technologies offers radiation protection and safety products, including personal protective equipment, shielding, and decontamination solutions.

Nuclear Simulation and Training

Mirion Technologies provides nuclear simulation and training products, including simulation software, training systems, and virtual reality solutions.

Environmental Monitoring and Remediation

Mirion Technologies offers environmental monitoring and remediation products, including radiation monitoring systems, sampling equipment, and remediation solutions.

8. Mirion Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Mirion Technologies, Inc. operates in a niche market with limited substitutes, reducing the threat of substitutes.

Bargaining Power Of Customers

Mirion Technologies, Inc. has a diverse customer base, reducing the bargaining power of individual customers.

Bargaining Power Of Suppliers

Mirion Technologies, Inc. relies on a few key suppliers, giving them some bargaining power, but the company's size and diversification mitigate this threat.

Threat Of New Entrants

The high barriers to entry in the nuclear detection and measurement industry, including regulatory hurdles and capital requirements, reduce the threat of new entrants.

Intensity Of Rivalry

The nuclear detection and measurement industry is highly competitive, with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.82%
Debt Cost 7.99%
Equity Weight 68.18%
Equity Cost 7.99%
WACC 7.99%
Leverage 46.67%

11. Quality Control: Mirion Technologies, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
EnPro

A-Score: 4.8/10

Value: 1.8

Growth: 4.6

Quality: 6.3

Yield: 1.0

Momentum: 8.5

Volatility: 6.7

1-Year Total Return ->

Stock-Card
John Bean Technologies

A-Score: 4.4/10

Value: 4.4

Growth: 5.1

Quality: 3.0

Yield: 0.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

Stock-Card
SPX Technologies

A-Score: 4.3/10

Value: 1.4

Growth: 6.0

Quality: 6.2

Yield: 0.0

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

Stock-Card
Mirion Technologies

A-Score: 4.1/10

Value: 1.1

Growth: 4.4

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

Stock-Card
Generac

A-Score: 4.1/10

Value: 2.8

Growth: 6.7

Quality: 6.2

Yield: 0.0

Momentum: 4.5

Volatility: 4.3

1-Year Total Return ->

Stock-Card
Regal Rexnord

A-Score: 3.8/10

Value: 5.1

Growth: 4.0

Quality: 4.8

Yield: 2.0

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

25.02$

Current Price

25.02$

Potential

-0.00%

Expected Cash-Flows